Peugeot Rejects Opel Merger, London Stock Exchange Cuts LCH Bid: Merger and Acquisitions Update
PSA Peugeot Citroen (PEUGF.PK) decides against a merger with General Motors Company’s (NYSE:GM) Opel division as a part of their alliance, said a Peugeot manager to Autogazette on Monday. Olivier Dardart, chief of German operations commented that ”This has never been an issue during the discussions. The point (of the alliance) is not to reduce personnel.”
NextEra Energy’s (NYSE:NEE) subsidiary, NextEra Energy Resources announced Monday that one of its own subsidiaries reached an accord through which to divest all of its equity interests in White Pine Hydro Investments, which indirectly owns 351 megawatts of hydro generation related assets in Maine and New Hampshire, through FPL Energy Maine Hydro. The transaction is based upon an enterprise value of roughly $760 million, subject to the usual closing adjustments, and includes the existing $700 million of non-recourse project debt.
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On Monday, the London Stock Exchange (LDNXF.PK)) reduced its bid for a majority interest in the transatlantic clearing house LCH.Clearnet by $482 million, to suit new capital requirements. The firms agreed a new price of €15 per share, following an estimation that new European rules on clearing houses could require LCH to raise €300 million in additional capital in 2013.
Dow Chemical Co. (NYSE:DOW) will collaborate with Mitsubishi Chemical through which to construct an industrial complex in Texas that uses shale gas, according to the Nikkei its Sunday morning edition. Mitsubishi will establish an acrylic resin-processing facility adjacent to one of the world’s largest ethylene plants that Dow is set to build in the state. The two firms intend to use the less expensive, new natural gas to mass-produce value-added chemical products.